How To Conduct A Market Analysis For Your Small Business
No two businesses are the same, a successful strategy planned for a business may not work out for another business. This is because every business is unique and needs a focused market analysis to arrive at a suitable plan. The research service has to be customized based on the individual needs of a business, for which, you can consult market research survey companies in Singapore.
Big business houses will have dedicated teams to carry out market research which conducts focused group interviews, surveys and analyzing buying patterns. Conducting a market analysis for a small business can be challenging considering the budget constraint and workload. To keep this problem at bay you can consult a business expansion strategy consultant in Singapore. A few ways to conduct a market analysis for your small business include the following.
- Know your objective – Knowing the objective and deciding on the research goals is the first step. This will work as your ground plan and will help you stay focused.
- Prepare the questionnaire – Create a list of clear questions keeping your objective in mind.
- Share the questionnaire – Sharing the questionnaire and inviting more participants will fetch more responses.
- Tools – Surveys can be conducted using simple tools like Google survey, FB survey, and Instagram polls.
- Results – Collect and analyze the result for understanding your potential customers better.
FOCUSED GROUP STUDY
- If your market is small you may not need a large sample. If your customers are accessible you can conduct focused group interviews and discussions which will serve you as qualitative data.
- Conducting focused group discussion will enlighten you with the consumer needs and growing market trends.
USING EXISTING RESEARCH
- Secondary Research – You can make use of the existing research like online blogs, vlogs, Magazine articles, online reports, and industry review.
- Using cloud and big data – You can go through Google trends and Google consumer surveys. Taking a look at it will let you know what people are searching for.
Using these tactics may help you in conducting a successful analysis. If you are trying to conduct market research for small businesses in Singapore give a call today to talk to an expert at Apeiron.